The set included hit songs "Whenever, Wherever" and "Waka Waka" by Shakira and "Waiting for Tonight" and "Love Don't Cost a Thing" by Lopez, among a slew of their other club anthems.
The Latino musicians performed on a circular stage that was elaborately lit as fireworks erupted from the top of the Hard Rock Stadium in Miami Gardens, Fla.
During the performance, Shakira, 43, dressed in a red sequin outfit, performed a belly dance with a rope that led into her iconic song "Hips Don't Lie."
Then Lopez, 50, took to the stage in a black leather outfit while holding on to the antenna of a mock skyscraper while singing her thumping hit about her New York beginnings "Jenny from the Block."
She then ran through a medley of her classic tunes as leather-donned backup dancers performed complex routines.
At one point during the show, the pair took to the stage and performed "Let's Get Loud" together in front of children dancing.
Prior to taking the stage, Lopez published a picture of her hugging Skaira to her Instagram account.
"So excited to share the stage with you tonight, Shakira!" She wrote. "Let's show the world what two little Latin girls can do."
Pepsi announced that Lopez and Shakira were to perform during this year's Super Bowl halftime show in September.
In the run-up to the show, Shakira had said their selection was "a very important moment for the Latino community in this country."